Payment Calculator
Calculate the fixed monthly payment on a loan from the amount, annual percentage rate, and number of months. Optionally add extra principal to see an earlier payoff and the interest you avoid.
Payment Calculator tool
About the Payment Calculator
Use this when you know the cash you will borrow and want the payment, not a full mortgage with taxes or a car deal with trade-ins. The required payment is the same formula as the loan calculator; extra principal is applied after that required amount.
Results are estimates in US dollars. Lenders can use different day-count rules, fees, or rounding. Extra payments may need to be designated as principal on the actual account.
How the Payment Calculator works
The required payment uses the standard amortization formula. Extra principal is added on top and the balance is simulated month by month until it reaches zero.
Payment = P × r / (1 − (1 + r)^−n), with r = APR ÷ 1200
Each month: interest = balance × r; principal = payment + extra − interest
Example
A $25,000 loan at 6.5% for 60 months has a $489.15 required payment. $50 extra each month pays the loan off sooner and cuts total interest.
How to Use the Payment Calculator
- Enter the loan amount.
- Enter the APR as an annual percentage.
- Enter the number of monthly payments (1–1,200).
- Optionally enter extra monthly principal.
- Read the payment, payoff months, and yearly table.
Payment Calculator Examples
Five-year personal loan
$12,000 at 9% for 60 months is about $249.10 per month and $2,946 of interest if you pay only the required amount.
Extra $100
On a $20,000, 7%, 48-month loan, $100 extra each month shortens the term and reduces interest compared with the required payment alone.
Zero APR
At 0%, the payment is amount ÷ months. $6,000 over 24 months is $250 with no interest.
How to Calculate a Loan Payment
Convert APR to a monthly rate r = APR ÷ 1200. Then payment = P × r ÷ (1 − (1 + r)^−n). At 0% the payment is P ÷ n. The last installment is adjusted so the balance lands on zero.
What extra principal does
Extra principal does not change the required payment the lender bills. It reduces the balance faster, so later interest charges shrink and the loan can end before the original term.
| Extra / month | Payoff | Total interest |
|---|---|---|
| $0 | 36 months | $951.90 |
| $25 | shorter | less than $951.90 |
| $50 | shorter still | less again |
When to use another tool
Use the mortgage calculator for property tax, insurance, and HOA. Use the auto loan calculator for tax, fees, and trade-in. Use amortization when you want every monthly row.
Frequently Asked Questions
Is this the same as the loan calculator?
The required payment is the same math. This page emphasizes extra principal and payoff time.
Does extra payment include fees?
No. Extra is treated as additional principal only.
Can I enter years?
Enter months. Five years is 60 months; 30 years is 360.
What if extra is too large?
If the extra payment would exceed the remaining balance after interest, the calculator rejects the combination.
Are results financial advice?
No. They are estimates for planning.
Guides that use this calculator
- How to Calculate a Loan Payment
A fixed loan payment comes from principal, APR and months. Here is the formula, a 36-month example and when to use extra principal.
- How Mortgage Payments Work (Principal and Interest)
A fixed mortgage payment is mostly interest at first. Here is the P&I formula, what taxes and insurance add, and how to model it.